If you’re in the coin laundry business, you know that finding a prime strip mall is no easy feat. From visibility, to foot traffic and rules for operation, there are plenty of hurdles to jump through when it comes to finding a location that would best fit your business. In this article, we’ll explore some of the important factors you should consider when looking to establish or relocate your coin operated laundry business. Remember, no two locations are created equally, which is why research and planning is required. Most importantly, back your business with a comprehensive Coin-Op Advantage Insurance Package, written specifically to address their unique sector risks and exposures.
Strip mall locations are typically expensive, but have the most foot traffic. In addition, securing a spot with ample parking and visibility, especially when it comes to your signage, can make a huge difference in your profit potential. To get the best of both worlds, experts recommend opening your coin laundry business in a U-shaped center.
According to American Coin Op, a supermarket-anchored shopping complex is truly the best, because there is always heavy traffic. These shoppers come regularly every week, and it would be most convenient for them to do their laundry while they shop. It’s the proverbial killing of two birds with one stone. But other types of malls also attract large patronage. Those with the right combination of retail outlets—a liquor store, a hardware shop, a hairdresser, a dollar merchandiser—could have a lot of people coming and going. It depends on the logistics and geography.
However, it’s a balancing act between cost of rent and profitability, as well. If you find an ideal location but then find out that rent is too high to achieve profitable margins, it would be a poor business decision to setup shop there.
The most important feature to observe when choosing a location is how much foot traffic is going to be coming through the center. Remember that people want convenience, so if they can shop and do laundry in the same center, you’re more likely to earn their business.
About Irving Weber Associates
At Irving Weber Associates, Inc., we understand what it takes to run a successful Dry Cleaner or Laundromat business, including investing in a comprehensive FabriCare Insurance Program to ensure that you are financially protected against legal claims. Our program includes specialty coverages including Environmental and General Liability, Property, Pollution Liability, Boiler & Machinery, Business Auto, and many more. For a detailed look at how we can safeguard your business with a custom-tailored package, please contact our experts today at (800) 243-1811.